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Author: cainlinda Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120812  
Subject: Tax Tidbits Date: 4/3/2000 5:29 PM
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I just read todays article in the Tax section of TMF
entitled "Tax Tidbits."

Was anyone else concerned about the author's slant
in the "Your Fair Share" section? He points out that
1% of the taxpayers paid 33% of the taxes in 1997.
What he fails to mention is that those in that
1% are probably making a whole lot more than 33% of
the income. And so on down the list of the other
statistics he presents.

I came away from his article wondering if he was
trying to make me feel sorry for these "poor" folks
making lots of money. Was he implying that the actual
poor folks should pay more?

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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33420 of 120812
Subject: Re: Tax Tidbits Date: 4/3/2000 9:42 PM
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<<I just read todays article in the Tax section of TMF
entitled "Tax Tidbits."

Was anyone else concerned about the author's slant
in the "Your Fair Share" section? He points out that
1% of the taxpayers paid 33% of the taxes in 1997.
What he fails to mention is that those in that
1% are probably making a whole lot more than 33% of
the income. And so on down the list of the other
statistics he presents.>>

The thing that I was REALLY trying to point out is that anybody with AGI of more than about $70k is shouldering a large percentage of the tax burden. And, if your AGI is anywhere near $100k, Uncle Sammy considers you "rich". If you don't think so, check out where many of the "phase out" levels begin and end. I was simply pointing out facts as released by the IRS. I also noted that, when Social Security taxes are added, the percentages are certainly skewed downward. I made no comment as to my personal take on the issues. I'll leave that to the Social Scientists.

<<I came away from his article wondering if he was
trying to make me feel sorry for these "poor" folks
making lots of money. Was he implying that the actual
poor folks should pay more?>>

Nope. Just quoting stats released by the IRS...that you can take for what they are worth...with no editorial comment. If I would have made a comment, it would have been to point out that the federal tax system is nothing more than an income redistribution system, and has nothing whatsoever to do with the revenue required to "run" the country.

But that's just my take. I'm sure that you (and others) would disagree.

TMF Taxes
Roy


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